The Individual Savings Account (Amendment No. 2) Regulations 2000

Amendments to the principal Regulations

4.—(1) Regulation 7 (Qualifying investments for a stocks and shares component) shall be amended as follows.

(2) In paragraph (2)(h) for the words from “, shares” to “profit-sharing scheme,” there shall be substituted—

“—

(i) shares which the qualifying individual has exercised the right to acquire in accordance with the provisions of a savings-related share option scheme,

(ii) shares which have been appropriated to the qualifying individual in accordance with the provisions of an approved profit sharing scheme, or

(iii) plan shares of an approved employee share ownership plan which cease to be subject to the plan but have remained in the beneficial ownership of the participant,”.

(3) In paragraph (10)—

(a) after sub-paragraph (b) the following sub-paragraph shall be inserted—

“(ba) in relation to plan shares mentioned in paragraph (2)(h)(iii), that the shares are transferred to the account manager or his nominee before the expiry of the period of 90 days following the date when the plan shares ceased to be subject to the plan;”;

(b) in sub-paragraph (c) for “(a) or (b)” there shall be substituted “ (a), (b) or (ba)”.